Almost half of business travelers (46%) report that they are going on more trips than before the pandemic, according to Capterra’s 2023 Travel Survey. Capterra is a marketplace for software.
According to the research, business travelers are on the road six times a year, with trips lasting about three days. Increased travel expenses, according to the report, underscore the importance of accurate reporting, as manual tracking can cost companies thousands or even millions of dollars.
A “staggering” 92% of travelers, according to the report, encountered issues with expense reporting, with 90% admitting to making mistakes during the process. While technology adoption is evident, with over half of travelers using mobile apps or software, 42% still track receipts manually. Business travelers report numerous costly mistakes with manual entry, including missing receipts, duplicated expenses and mathematical errors.
Max Lillard, senior finance analyst at Capterra, said that as business travel takes flight again, a concerning number of businesses still rely on outdated methods to record and report travel expenses. Nearly all businesses, he said, report “the need to set tighter travel budgets and implement more accurate expense reporting amidst economic turbulence.”
Even with rising costs and potential financial errors, travel is necessary for business growth, as employees move to in-person or hybrid models, said the report. In fact, over half of travelers schedule their trips for client meetings (52%), with others citing networking conferences (52%), training (50%) and trade shows (31%), proving there is significant ROI involved.
As an added benefit, almost all (93%) business travelers say they merge vacation time with work trips, which may help boost morale and decrease burnout from frequent traveling. Travelers are largely driven by the need for work-life balance (52%). Employees say they visit historical sights (31%), catch up with friends and family (30%) and attend cultural events (25%) during their off time.
As business travel continues to grow, the report concluded, companies need to modernize their processes to handle the associated challenges effectively. Leveraging technology, fostering partnerships and prioritizing employee well-being, it said, can help businesses optimize their travel initiatives.
